Interview

Intellectual Property

Biotechs are a big theme for this manager of small-cap value
funds

An Interview With Warren Isabelle -- Tiny, unloved, with lots of earnings leverage. That's the name of the game for Isabelle, who runs a total of $450 million at his Boston-based Ironwood Capital Management through two mutual funds, ICM Isabelle Small Cap Value and Idex Isabelle Small Cap Value, as well as a host of institutional accounts. It's a style of investing that demands patience -- and seat belts. But the payoffs can often be huge. In the second quarter ICM Isabelle Small Cap Value gained 31.83%, compared with an advance of 23.42% in the Russell 2000. So far this year, the fund is up close to 12%, following...